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A JOINT RESOLUTION
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proposing a constitutional amendment increasing the amount of |
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additional general obligation bonds that may be issued by the Texas |
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Water Development Board to provide financial assistance for the |
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development of certain projects in economically distressed areas. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-d-14, Article III, Texas |
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Constitution, as proposed by S.J.R. 79, 86th Legislature, Regular |
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Session, 2019, is redesignated as 49-d-15, Article III, Texas |
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Constitution, and amended to read as follows: |
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Sec. 49-d-15 [49-d-14]. (a) In addition to the bonds |
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authorized by the other provisions of this article, the Texas Water |
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Development Board may issue general obligation bonds, at its |
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determination and on a continuing basis, for the economically |
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distressed areas program account of the Texas Water Development |
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Fund II in amounts such that the aggregate principal amount of the |
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bonds issued by the board under this section that are outstanding at |
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any time does not exceed $400 [$200] million. The bonds shall be |
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used to provide financial assistance for the development of water |
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supply and sewer service projects in economically distressed areas |
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of the state as defined by law. |
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(b) The additional general obligation bonds authorized by |
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this section may be issued as bonds, notes, or other obligations as |
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permitted by law and shall be sold in forms and denominations, on |
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terms, at times, in the manner, at places, and in installments, as |
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determined by the Texas Water Development Board. The bonds shall |
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bear a rate or rates of interest the Texas Water Development Board |
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determines. The bonds shall be incontestable after execution by |
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the Texas Water Development Board, approval by the attorney |
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general, and delivery to the purchaser or purchasers of the bonds. |
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(c) Section 49-d-8(e) of this article applies to the |
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additional general obligation bonds authorized by this section. |
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The limitation in Section 49-d-8 of this article that the Texas |
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Water Development Board may not issue bonds in excess of the |
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aggregate principal amount of general obligation bonds previously |
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authorized for the economically distressed areas program does not |
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apply to the bonds authorized by and issued under this section. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2023. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment increasing the amount |
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of additional general obligation bonds that may be issued by the |
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Texas Water Development Board to provide financial assistance for |
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the development of certain projects in economically distressed |
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areas." |